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Cardano (ADA) plunged from a peak of $0.6045 down to $0.5630 in the last 24 hours as the asset continues to battle sell pressure. The current technical setup of the asset shows its golden cross flip is far from being close.
ADA price slides as death cross persists
According to CoinMarketCap data, Cardano is currently changing hands at $0.5847, representing a 2.97% decline in the last 24 hours. However, this suggests that ADA has regained some of its losses in earlier trading sessions.
Notwithstanding, Cardano is witnessing huge selling pressure from holders looking to minimize losses as volatility persists. The asset’s MA Cross technical indicator specifically shows the death cross formation remains, as the 9-day and 21-day moving averages remain wide apart.
In order for the current setup to flip into a golden cross, Cardano must register significant gains to reverse the market's ongoing sell-off.
Notably, ADA must breach the $0.62 resistance level and stabilize above it to regain its bullish momentum. This looks likely, with trading volume in the green zone having increased by 65.51% to $754.16 million in the last 24 hours.
However, if this volume suffers a sharp decline, Cardano’s quest for a bullish rally might fade as ADA could retest the $0.56 support.
Bullish sentiment grows for Cardano despite technical setback
Despite Cardano’s current price volatility, investors in the broader crypto ecosystem remain bullish on the asset. As per a recent poll by TheBlockchainMedia, 56% of respondents were positive that ADA could post a bullish recovery.
Interestingly, XRP, one of the other assets in the poll, could only garner 20% of users’ support. This indicates that market participants are anticipating a price rebound for ADA.
This positive sentiment supported Cardano in hitting the 110 million transactions milestone recently as its adoption continues to surge.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team